Itoham Yonekyu : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Japanese Accounting Standards)

August 03, 2022

Summary of Consolidated Financial Results

for the Three Months Ended June 30, 2022 (Q1 FY 2022)

(Japanese Accounting Standards)

Company name:	Itoham Yonekyu Holdings Inc.
Stockexchange listing:	Tokyo Stock Exchange
Stock code:	2296
URL:	https://www.itoham-yonekyu-holdings.com
Representative:	Isao Miyashita, President and Representative Director
Contact:	Masaru Kato, General Manager, Public &Investor Relations Office
	Tel. [phone]
Scheduled date for filing of securities report:	August 10, 2022
Scheduled date of commencement of dividend payment: -
Supplementary documents for financial results:	Yes
Quarterly results briefing:	No

(Amounts of less than one million yen are truncated)

1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 1, 2022-June 30, 2022)

(1) Consolidated Results of Operations (Accumulated Total)		(% figures show year-on-year change)
	Net sales	Operating profit	Ordinary profit	Profit (loss)
	attributable to owners
Three months ended	Million Yen	%	Million Yen	%	Million Yen	%	Million Yen	%
June 30, 2022	212,325	4.8	7,114	-5.8	7,698	-8.6	5,129	-13.2
June 30, 2021	202,607	―	7,554	―	8,425	―	5,908	―
(Note) Comprehensive income:		Three months ended June 30, 2023			8,265	million Yen (26.0%)
		Three months ended June 30, 2022			6,560	million Yen (－%)
	Profit (loss)	Diluted net income
	per share	per share
Three months ended		Yen		Yen
June 30, 2022		17.60		17.59
June 30, 2021		20.18		20.17

(Note) As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc. has been applied from the beginning of the first quarter of the fiscal year ending March 31, 2022, therefore the percentage change from the same period of the previous year is not stated.

(2) Consolidated financial position
		Total assets	Net assets	Equity ratio
		Million Yen	Million Yen		%
As of June 30, 2021		433,421	262,941		60.5
As of March 31, 2021		413,123	262,740		63.4
(Reference) Shareholders' equity:		As of	March 31, 2023	262,300	million	Yen
		As of March 31, 2022	262,023	million Yen

2. Dividends

				Dividend per share
	First		Second	Third	Fiscal	Total
	quarter-end		quarter-end	quarter-end	quarter-end
For the fiscal year ended		Yen	Yen	Yen	Yen	Yen
March 31, 2022		－	0.00	－	23.00	23.00
March 31, 2023		－
For the fiscal year ending
March 31, 2023			0.00	－	24.00	24.00
(Forecast)

(Note) Changes to most recent dividend forecast: None

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2023

(April 1, 2022 to March 31, 2023)

(% figures show year-on-year change)

	Net Sales		Operating profit	Ordinary income	Profit (loss)	Profit (loss) per share
		attributable to owners
	Million Yen		%	Million Yen	%	Million Yen	%	Million Yen	%	Yen
Second quarter-end	430,000		2.9	13,500	-6.8	15,000	-9.3	10,000	-15.3	34.48
(Cumulative)	865,000			21,000		24,000		15,000
Full year		1.2	-14.7	-16.1	-21.5	51.72

(Note) Changes to most recent financial results forecast: Yes

-1-

* Notes

1. Changes in significant subsidiaries during the term (changes in specific subsidiaries accompanied by a change in the

scope of consolidation):

None

1. Application of special accounting treatment in the preparation of the quarterly consolidated financial statements: None

1. Chaneges in accounting policies,chaneges of accounting estimates and restatement

(i)	Changes in accounting policies due to amendments to accounting standards:	None
(ii) Other Chaneges in accounting policies:	None
(iii) Chaneges in accounting esteimates:	None
(iv)	Restatement:	None

(3) Numbers of shares outstanding (common stock)

1. Numbers of issued shares at end of period:

Three Months Ended June 30, 2022:	292,335,059 shares
Year ended March 31, 2022:	297,335,059 shares

1. Numbers of treasury shares at end of period:

Three Months Ended June 30, 2022:	2,315,162 shares
Year ended March 31, 2022:	5,458,762 shares

1. Average number of shares outstanding during period (quarterly cumulative period):

Three Months Ended June 30, 2022:	291,513,184 shares
Three Months Ended June 30, 2021:	292,738,808 shares

• This Summary of Consolidated Financial Results is outside the scope of the external audit.
• Explanation for using the forecasted informaiton and the other special notes

(Notes concerning forward-looking statements, etc.)

This summary financial report contains forward-looking statements and forecasts are made based on information available to the company at the time of preparation and certain assumption deemed to reasonable and actual result may significantly due to

various factors.

For assumptions used for earnings forecasts and notes on the use of earnings forecasts, please refer to "(3) Information on the consolidated earnings forecasts and other future forecasts" under "1. Qualitative Information on Financial Results " on page "3".

(Access to Supplementary Explanations)

Explanatory materials for quarterly financial results will be published on TDnet for viewing in Japan and on our website.

-2-

ItohamYonekyu Holdings Inc. (2296)

Information on the consolidated earnings forecasts and other future forecasts

In regard with the accumulated 2nd Quarter forecast, we have revised up our previous financial result announced on May 9th 2022, because over meat business excessed the previous forecast and kept its position.

Then, we keep the original full year financial forecast, because it would be take uncertain impact of further high raw material cost and utility cost also.

Revisions to the forecast for the six months ending September 30, 2022 (April 1, 2022-September 30, 2022)

	Sales	Operating	Ordinary Income	Net Income	Net Income	per
	Income	Share
	(Million Yen)	(Million Yen)	(Million Yen)	(Million Yen)	(Yen)
Previous forecasts (A)	422,000	11,500	13,000	8,500	29.31
Curent forecasts (B)	430,000	13,500	15,000	10,000	34.48
Change (B-A)	8,000	2,000	2,000	1,500
Change (%)	1.9	17.4	15.4	17.6
Previous Year	417,762	14,480	16,540	11,810	40.33
(September 30, 2021)
Forecast for the year ending March 31, 2023 (April 1, 2022-March 31, 2023)
(No change from figures announced on May 9, 2022)
	Sales	Operating	Ordinary Income	Net Income	Net Income	per
	Income	Share
	(Million Yen)	(Million Yen)	(Million Yen)	(Million Yen)	(Yen)
Forecast	865,000	21,000	24,000	15,000	51.72
Previous Year	854,374	24,611	28,596	19,118	65.34
(March 31, 2022)

Note : The above forecasts are based on currently available information and certain assumptions judged to be reasonable, and actual performance may differ from forecast figures due to various factors in the future.

-3-

Consolidated Financial Statements and Key Notes	ItohamYonekyu Holdings Inc. (2296)
(1) Consolidated balance sheets
		(Million Yen)
	As of March 31, 2021	As of June 30, 2022
ASSETS
Current assets
Cash and deposits	47,991	35,312
Notes and accounts receivable-trade	89,008	90,837
Merchandise and finished goods	74,814	91,217
Work in process	1,713	1,878
Raw materials and supplies	19,037	23,991
Other	10,848	18,264
Allowance for doubtful accounts	(7)	(7)
Total current assets	243,405	261,495
Non-current assets
Property, plant and equipment
Buildings and structures, net	36,252	36,882
Machinery, equipment and vehicles, net	28,274	28,119
Tools, furniture & fixtures, net	1,530	1,522
Land	26,017	26,451
Leased assets, net	2,487	2,893
Others, net	2,437	3,534
Total property, plant and equipment	97,000	99,404
Intangible assets
Goodwill	18,158	17,811
Other	3,955	4,646
Total intangible assets	22,114	22,457
Investments and other assets
Investment securities	29,598	28,909
Retirement benefit asset	14,722	15,046
Other	6,374	6,201
Allowance for doubtful accounts	(93)	(92)
Investments and other assets	50,602	50,064
Total non-current assets	169,717	171,926
Total Assets	413,123	433,421

-4-

ItohamYonekyu Holdings Inc. (2296)

		(Million Yen)
	As of March 31, 2021	As of June 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	62,351	70,615
Electronically recorded obligations - operating	1,747	1,589
Short-term borrowings	24,407	26,960
Current portion of Long-term borrowings	144	138
Income taxes payable	2,891	1,444
Provision for bonuses	6,617	1,835
Provision for bonuses for directors (and other officers)	151	38
Provision for loss on disaster	329	329
Other	27,894	42,086
Total current liabilities	126,533	145,037
Non-current liabilities
Long-term borrowings	10,572	10,540
Retirement benefit liability	1,706	1,701
Asset retirement obligations	1,490	1,492
Other	10,080	11,708
Total non-current liabilities	23,849	25,442
Total liabilities	150,383	170,480
Net assets
Shareholders' equity
Capital stock	30,003	30,003
Capital surplus	96,615	92,933
Retained earnings	129,805	128,221
Treasury shares	(4,150)	(1,705)
Total shareholder's equity	252,273	249,453
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	6,727	5,973
Deferred gains or losses on hedges	151	709
Foreign currency translation adjustment	(684)	2,689
Remeasurements of defined benefit plans	3,556	3,474
Total accumulated other comprehensive income	9,750	12,846
Share acquisition rights	118	110
Non-controlling interests	598	530
Total net assets	262,740	262,941
Total liabilities and net assets	413,123	433,421

-5-